The site of the former Kimball Theatre at 1219 Yonkers Ave. in Yonkers where a residential development had been approved has been purchased by developer Mark Stagg’s Stagg Group. The property was acquired by Stagg Group from 1219 Yonkers Avenue LLC, a joint venture of Aubrey Capital LLC and Empire General Contracting Inc. for $9.5 million, according to real estate services firm CBRE.
CBRE’s team of William V. Cuddy Jr. and Jacqueline Novotny handled the marketing campaign for the property and represented Aubrey Capital in the negotiations.
The entity 1219 Yonkers Avenue LLC had received approvals from Yonkers for a project it called The Kimball Residences. The site plan approval expired in October of 2022 and the developer reapplied and received a new approval.
The original proposal called for 266 apartments in a 14-story building together with 1,600 square feet of ground level retail space. A five-level underground parking garage was to have 278 spaces. The garage was to be located below the building and have two access points, one from Bronx River Road and the other from Crescent Place. The entry lobby for residents was to connect directly with Yonkers Avenue. The main lobby was to include a resident lounge, fitness and recreational center, small business center, and building services. There also were to be apartments on the lobby level.
The Kimball Theatre originally opened in 1937 and had 700 seats. It was created at a cost of more than $100,000 in a building that formerly held a shirt factory, movie studio and skating rink. The opening night program included the feature films “That Girl From Paris” starring Lily Pons and Gene Raymond and “Wanted, Jane Turner” starring Gloria Stuart and Lee Tracy, along with a newsreel and short subjects.
It operated successfully as a neighborhood theater for about four decades, typically running double features. In the mid-1970s, it operated under the name The Movies. With increasing competition from modern cinemas elsewhere in Yonkers, it eventually closed and was used for awhile as a furniture store.
In 2004, a three-alarm fire broke out that extensively damaged the former theater and adjacent storefronts. In 2010, there was another fire that added to the destruction. In 2017, what remained was torn down.
“The demand for quality new residential product is insatiable,” Cuddy said. “Market fundamentals are compelling. Homes with multimodal transportation options in dynamic neighborhoods continue to outperform expectations.”
According to Novotny, “We are seeing strong demand for development sites that offer transit accessibility, favorable demographics and a supportive environment for new residential development. This transaction highlights the confidence that developers have in Yonkers and its transformation into a destination for residential investment.”
